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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
LogicMonitor announced a partnership with operational resilience solutions provider Gieom.
The collaboration will enable the two companies to help financial institutions prepare for emerging regulations governing operational resilience.
India-based Gieom made its Finovate debut at FinovateAsia 2016 in Hong Kong.
SaaS-based hybrid observability platform LogicMonitor has forged a strategic partnership with operational resilience solutions provider Gieom. The combination of Gieom’s Operational Resilience Platform and LogicMonitor’s LM Envision solution will help financial institutions meet emerging regulatory requirements, including both the EU’s Digital Operational Resilience Act (DORA) and the FCA Operational Resilience Requirements.
“At Gieom, we’ve always believed in the importance of holistic operational resilience,” Gieom CTO Bhavana Mallesh said. “Partnering with LogicMonitor allows us to extend our capabilities and offer clients a truly integrated, end-to-end solution. This collaboration ensures financial institutions can meet regulatory demands while optimizing their operations.”
Operational resilience is an increasingly important concern for financial services companies. New regulations, such as DORA, will require these businesses to adopt a more holistic approach to detecting and mitigating risks across systems and in third-party relationships. To this end, the strategic partnership between LogicMonitor and Gieom will enable them to provide financial institutions with proactive compliance by way of real-time monitoring and observability, AI-driven efficiencies including predictive analytics and automation, enhanced visibility via a unified platform, and scalable tools to help manage third-party risks.
“Financial institutions are under immense pressure to modernize and comply with stringent regulations like DORA, and this partnership provides them with the tools to succeed,” LogicMonitor General Manager, EMEA Matt Tuson said. “Together with Gieom, we’re delivering a seamless, AI-powered solution that enhances resilience, reduces risk, and drives value across the industry so institutions can stay ahead of regulatory demands, strengthen operational efficiency, and build trust with customers in an ever-evolving landscape.”
LogicMonitor provides AI-powered, hybrid observability, giving companies operational visibility and predictability across both on-premises and multi-cloud environments. Headquartered in Santa Barbara, California, and founded in 2007, the company raised $800 million in strategic funding late last year at a valuation of $2.4 billion. Christina Kosmowski is the company’s CEO.
Founded in 2012 and headquartered in Bangalore, India, Gieom made its Finovate debut at FinovateAsia 2016 in Hong Kong. The company builds software that empowers companies to better manage their policies and standard operating procedures, streamline digital identity verification processes, manage risk, and adopt an operational resilience framework. Gieom’s technology is used by more than 90 banks around the world, including World Bank, Bank of England, and the State Bank of India.
Most recently, Gieom announced a partnership with Al Ahli Bank of Kuwait (ABK) to create a centralized platform for the digital management of policies and procedures that govern the bank’s operations. At the same time, Gieom teamed up with Kuwait Finance House (KFH) to help the institution similarly centralize and streamline its policy and procedure management.
“KFH is setting a benchmark for the region, leveraging technology to enhance compliance, governance, and customer service,” Gieom CEO John Santhosh said when the partnership was announced last fall. “This collaboration will contribute to KFH’s operational resilience and customer-centric approach.”
This week’s edition of Tales from the Crypto features an update on Ripple’s newly launched stablecoin RLUSD, El Salvador’s negotiated commitment to Bitcoin, as well as an acquisition and a new partnership.
“As the U.S. moves toward clearer regulations, we expect to see greater adoption of stablecoins like RLUSD, which offer real utility and are backed by years of trust and expertise in the industry,” Ripple CEO Brad Garlinghouse said in December when RLUSD was launched.
RLUSD is an enterprise-grade, USD-denominated stablecoin. Each RLUSD token is fully backed by U.S. dollar deposits, U.S. government bonds, and cash equivalents to ensure stability, reliability, and liquidity. Ripple will use RLUSD to facilitate global payments for its enterprise customers via its Ripple Payments division. There has been some curiosity over Ripple’s decision to limit RLUSD circulation. At least one analyst has suggested the move may be an effort to keep the price of RLUSD relatively stable — and less vulnerable to a rapid decline in value.
Ripple’s RLUSD news comes as the company is announcing that it has adopted the Chainlink standard for verifiable data on the Ethereum blockchain. The move will boost the utility of RLUSD throughout the “on-chain economy,” the company noted in a statement this week. Also recently, Ripple reported that its CEO along with Ripple Chief Legal Officer Stuart Alderoty, met with President-elect Donald Trump.
“Great dinner last night with Donald Trump & Stuart Alderoty,” Garlinghouse wrote on X, “Strong start to 2025!”
El Salvador forges ahead in its Bitcoin acquisition
How has recent strength and interest in Bitcoin impacted El Salvador, which embraced the cryptocurrency like no other country when it elected to allow Bitcoin to be used as legal tender in 2021?
On the one hand, the value of Bitcoin has soared in recent years. In June 2021, when El Salvador enacted the new policy, BTC was roughly $35,000. Today, the cryptocurrency is valued at more than $94,000, after topping the $100,000 mark in mid-December.
On the other hand, the windfall has reached relatively few individual Salvadoreans. While the government tried to incentivize Bitcoin ownership with $30 in BTC for those who signed up for digital wallets, it turns out that many who received the $30 in Bitcoin quickly cashed out their holdings. Additionally, as the country’s former Central Bank president Carlos Acevedo noted, any BTC gains remain unrealized until sold.
Further, El Salvador is in some ways still wrestling with the International Monetary Fund over the Fund’s preference that the country reduce, or at least limit, its exposure to cryptocurrencies in exchange for financial support. A recent financing deal valued at $1.4 billion (£1.1 billion) was secured between the two parties, but the extent to which El Salvador will curtail its Bitcoin policies remains a bit unclear. While the deal specifies that tax payments will be made in the U.S. dollar, for example, which is El Salvador’s other official currency, the government has insisted that it will continue to buy BTC.
Backpack acquires FTX EU to expand in the European crypto market
International cryptocurrency exchange Backpack has acquired FTX EU, the former European arm of FTX. The transaction was approved by the FTX bankruptcy court as well as the Cyprus Securities and Exchange Commission (CySEC) and will enable Backpack’s EU division to offer a full suite of crypto derivatives throughout the EU.
The fact that FTX EU was a MiFID II-licensed institution played a significant role in Backpack’s acquisition decision. “As many international exchanges exit the European Union, becoming a MiFID II-licensed entity demonstrates our dedication to meeting the highest regulatory standards and is a significant step to bringing transparent, secure, and regulated crypto trading to an underserved European market,” Backpack Exchange Founder and CEO Armani Ferrante said.
Founded in 2022 and headquartered in Singapore, Backpack Exchange serves cryptocurrency customers in more than 150 countries and regions. With more than $60 billion in trading volume, Backpack Exchange offers a range of products and services including its noncustodial Backpack Wallet, Backpack Exchange, and Solana-based NFT community Mad Lads.
As part of the acquisition, Backpack EU will be responsible for distributing previously court-approved FTX bankruptcy claims to FTX EU customers. Ferrante underscored this in a statement, adding that “customer restitution is a crucial step to rebuild trust and confidence in the industry, and Backpack is committed to returning FTX EU customers’ funds as fast and as safely as possible.”
Trillium Surveyor partners with Kaiko
Trade surveillance and best execution software provider Trillium Surveyor has forged a strategic partnership with cryptocurrency market data provider Kaiko. The goal of the partnership will be to deliver “best-in-class solutions” to financial institutions and exchanges involved in cryptocurrency trading. The two companies will provide an integrated solution that blends Trillium’s trade surveillance technology with Kaiko’s crypto market data in order to help financial institutions quickly, accurately, and efficiently identify and stop inappropriate trading activity.
“A robust, easily configurable trade surveillance tool is essential to support institutions as they navigate the rapidly changing crypto regulatory environment,” Kaiko CEO Ambre Soubiran said. “This partnership with Trillium Surveyor underscores our commitment to providing the critical data needed for transparency and trust in the crypto ecosystem.”
Founded in 2014 and maintaining offices in New York, London, Singapore, and Paris, Kaiko is a leading provider of cryptocurrency market data, analytics, and indices, ensuring businesses have access to institutional-grade, regulatory-compliant solutions. With global connectivity to real-time and historical data feeds across the top exchanges in the world, Kaiko recently announced an enhancement to its market data platform courtesy of an integration with leading European cryptocurrency exchange Bitvavo.
Trillium Surveyor helps capital markets firms save time and money — and remain compliant — with a trade surveillance platform that balances power with ease of use. The company’s technology enables companies to monitor their trading health, learn about key new events, access and analyze relevant data surrounding these events, and then act on that data with built-in workflow tools. Featuring actionable insights across equities, derivatives, fixed income, and cryptocurrency markets, Trillium Surveyor helps its customers build compliance programs that are both efficient and cost-effective. Headquartered in New York, Trillium Surveyor was launched in 2014.
Digital banking provider Lumin Digital has turned to process automation provider FINBOA for enhanced dispute management.
FINBOA’s technology has produced up to a 90% reduction in dispute intake effort and up to an 80% reduction in audit prep time.
Headquartered in Houston, Texas, FINBOA made its Finovate debut at our all-digital conference in the spring of 2021.
Process automation provider FINBOA has teamed up with digital banking provider Lumin Digital to enhance the company’s dispute management operations. This will give Lumin Digital’s financial institution clients the ability to expedite their payment disputes and facilitate faster resolutions.
“As a company dedicated to enhancing the digital banking experience for financial institutions and their customers, we are thrilled to be partnering with the FINBOA team, which is actively solving the painful process of manual dispute resolution,” Lumin Digital Chief Product Officer Sean Weadock said. “This partnership is an exciting step that adds another innovative integration and showcases the flexibility of the Lumin Digital platform.”
Lumin Digital offers digital solutions for retail banking, commercial banking, and account opening to help financial institutions better maximize efficiency and engage customers and members. The company’s platform combines native microservices with cloud technology to give banks and credit unions the ability to deploy new solutions that scale independently and enable them to grow and evolve as volume grows. Founded in 2016 and headquartered in San Ramon, California, Lumin ended last year with $160 million in growth equity financing in a round co-led by NewView Capital, Light Street Capital, and Partners Group.
The alliance between Lumin Digital and FINBOA comes as growing payment dispute volumes are putting a strain on manual, paper-based dispute resolution processes, as well as on non-integrated systems. This potentially leads to more errors, greater risk, and even missed compliance deadlines. To this end, FINBOA’s technology digitizes and automates compliance and decision processes to provide better account holder servicing and lower regulatory risk. The company notes that institutions using its technology have enjoyed a reduction in dispute intake effort of up to 90%, a reduction in audit prep time of 80%, and an average 25% reduction in claim-related write-offs and losses.
“The partnership with Lumin Digital is a win-win for our mutual financial institutions as they face increasing volumes of payment disputes and stringent requirements with tight response timelines,” FINBOA Founder and CEO Raj Singal said. “We are delighted to offer a paperless payment dispute process integrated with Lumin Digital’s online banking services.”
Founded in 2016 and based in Houston, Texas, FINBOA made its Finovate debut at our all-digital conference in the spring of 2021. At the event, FINBOA demonstrated its Workplace Compliance Automation Platform, which provides centralized data management, automated timeline notifications, customized letters, digital signatures, workflow configuration, GL integrations with core, robotic automations, and compliance rules. A 2024 Finovate Award finalist in the “Best Back-Office/Core Services Solution” category, and a member of the 2024 Inc. 5000, FINBOA counts more than 200 banks and credit unions among its customers.
Customer analytics software solution provider for financial services companies Earnix announced a partnership with Tokio Marine North America Services (TMNAS).
Headquartered in Pennsylvania, Tokio Marine North America Services is a division of Tokyo, Japan-based Tokio Marine Group.
Earnix made its Finovate debut at FinovateSpring 2016 in San Jose, California.
Here’s some news from a Finovate alum we haven’t heard from in a little while: customer analytics solution provider Earnix has teamed up with Tokio Marine North America Services (TMNAS). Earnix will help the company — a division of Tokyo, Japan’s Tokio Marine Group — develop a centralized rate repository with access to sophisticated pricing and rating strategies. This will provide Tokio — one of the leading commercial insurance providers in the U.S. — with a single source of truth for pricing, rating, and filing, helping reduce errors and better manage risk, and enabling fast time-to-market for the business TMNAS does on behalf of its clients.
“Insurers want to — and must — innovate. The key when choosing new solutions is to select those that address the operation as a whole,” TMNAS EVP and CIO Robert Pick said. “Earnix integrates seamlessly across the entire tech stack and provides the agility to futureproof our businesses regardless of market or regulatory changes.”
Founded in 2001 and maintaining headquarters in both Tel Aviv, Israel, and Westport, Connecticut, Earnix made its Finovate debut at FinovateSpring 2016 in San Jose, California. In the years since then, Earnix has grown into a major provider of cloud-based, intelligent solutions for pricing, rating, underwriting, and product personalization in financial services. With customers in more than 35 countries across six continents, Earnix helps insurers and banks around the world achieve “ultra-fast” ROI and unlock value across their operations.
In addition to its partnership news with Tokio, Earnix also announced in December that it would work with Kingstone Insurance to enhance the property and casualty insurance holding company’s pricing capabilities and support its strategic growth. This week, Earnix reported that it had joined the Managing General Agents’ Association (MGAA) as a Supplier Member. MGAA represents more than 400 Managing General Agents (MGAs) in the U.K. and the Republic of Ireland.
“MGAs are key players in the insurance industry, and they require robust, reliable, and compliant technology solutions to succeed in an increasingly complex market,” Earnix CEO Robin Gilthorpe said. “Earnix looks forward to contributing to the MGA community by offering solutions that empower MGAs to drive smarter, data-driven decisions and thrive in an increasingly digital-first insurance ecosystem.”
Two Finovate alums — Curinos and Finastra — are introducing new CEOs this week.
Data, technology, and insights provider for financial institutions Curinos has appointed Jeff Hack as CEO.
Financial services software application provider Finastra announced that Chris Walters will replace Simon Paris as CEO.
The new year is bringing new leadership to a pair of Finovate alums: Curinos and Finastra. Both firms introduced new Chief Executive Officers to start 2025.
Curinos, which made its Finovate debut at FinovateSpring 2023, has appointed Jeff Hack as CEO and member of the company’s Board of Directors. Hack succeeds Craig Woodward, who has led Curinos since 2021. Hack was most recently CEO of software and integrated payments provider Paya and, before that, was Executive Vice President and a member of the Management Committee at First Data (now Fiserv).
“I am excited to be joining the talented team at Curinos,” Hack said in a statement. “Curinos offers market-leading solutions and world-class support to help drive the growth of our financial institution clients. We will build on our strong market position with further investments in technology and talent to provide even more value to our clients.”
Headquartered in New York, Curinos provides data, technologies, and insights to enable financial institutions to make better, faster, and more profitable, data-driven decisions. The company was formed in 2021 via the combination of Novantas and Informa’s FBX business. Today, Curinos is the chosen provider for more than 800 credit union and community banks across the U.S., 42 of the top 50 mortgage lenders, as well as Canada’s “Big Six” banks.
Hack takes the helm at Curinos in the wake of a year in which the company has partnered with Bankrate, earned a spot on the 2024 IDC FinTech Rankings, and entered into an agreement with Databricks Marketplace to make a subset of its data assets on deposits and lending rates available to Databricks Marketplace customers. Also in 2024, Curinos announced a collaboration with fellow Finovate alum FIS and introduced a new AI-powered creative management workflow capability for its Amplero Personalization Optimizer solution.
Financial services software applications provider Finastra has appointed Chris Walters as its new Chief Executive Officer. Walters will replace Simon Paris, who has served as Finastra CEO since 2018, a year after the company was formed.
“I’m excited to join Finastra at this pivotal moment in its journey and am impressed by the significant progress that has been made during Simon’s leadership,” Walters said. “I look forward to working with the talented team to drive sustainable growth and continue to deliver more value to our customers, team members, and investors.”
Finastra was formed via a merger between D+H and Finovate alum Misys in 2017. Walters comes to the company after serving as CEO of technology workforce development company Pluralsight and previously as CEO of Avantax (formerly Blucora Inc.), a tax-focused wealth management solution provider for financial professionals.
Walters has also served in leadership roles including Partner at McKinsey & Company and COO of Bloomberg Industry Verticals Group.
Serving more than 8,000 financial institutions — including 45 of the world’s top 50 banks — Finastra provides financial services software applications across capital markets, lending, payments, universal banking (including retail and digital), as well as treasury. A leader in Open Finance, Finastra has partnered in recent months with DXC Luxoft and RightClick to enhance delivery of managed services, with Vietnam’s Joint Stock Commercial bank (LPBank) to modernize treasury management operations, and with Sonali Bangladesh UK (SBUK) to provide digital banking — including enhanced Shariah-compliant services.
2025 is here in earnest and we’re looking forward to another year of exciting and insightful interviews from Finovate VP Greg Palmer and the Finovate Podcast!
Before we get this year’s conversations under way, here are a handful of podcast discussions from the final weeks of 2024 that you might have missed during the holiday rush.
Shannon Saccocia (LinkedIn), Chief Investment Officer with Neuberger Berman Private Wealth (NBPW), talks with Finovate VP and podcast host Greg Palmer about the opportunities and challenges for fintechs in the private wealth market. EP 241.
As Chief Investment Officer with NB Private Wealth, Saccocia works with investment leadership across Neuberger Berman to establish market views, asset allocation, and portfolio recommendations for NBPW clients. Saccocia also leads the NBPW investment platform to enable comprehensive delivery of the firm’s investment capabilities.
Greg Palmer sits down with Lark Davis (LinkedIn), cryptocurrency enthusiast and founder of The Crypto Lark, to explore where cryptocurrencies stand in 2025 and what’s coming next. EP 240.
Davis’s YouTube videos explore the satirical side of the news along with fact-filled reviews and interviews. His channel, The Crypto Lark, provides continuous updates on the cryptocurrency markets, bitcoin, blockchain, and the future of technology. Davis is also author of Wealth Mastery, a crypto newsletter featuring market analysis and insights.
Long-time investor and operator Kamran Ansari (LinkedIn) of Kapital Ventures joins the Finovate Podcast for a high-level examination of the fintech ecosystem heading into 2025 and shares his insights on where the industry is going from here. EP 239.
Ansari is venture capitalist and operator involved with a sizable number of innovative technology and fintech companies including Venmo, Azimo, and Braintree. As a private investor, Ansari has participated in funding for firms ranging from Facebook to Coinbase. In addition to his work with Kapital Ventures, Ansari is a venture partner with VC firm Headline.
Last year, we published an edition of Finovate Global that featured new developments in Islamic finance. This week’s column will explore further the world of Islamic and Shariah-compliant financial services with Dilshod Jumaniyazov, CEO and co-founder of Musaffa.
Launched in 2020 and headquartered in New York, Musaffa offers a comprehensive platform for ethical investing, Halal stock trading, and financial education. More than 487,000 Muslim investors in 195 countries use Musaffa’s platform, which provides access to stocks in countries ranging from the U.S., U.K., and Australia to Malaysia, the UAE, and Turkey.
Musaffa recently launched its Purification Calculator, which enables Muslim investors to confidently identify and invest in Shariah-compliant businesses. And at a time when more investors are looking for investments that align with their values, Musaffa’s advanced screening tools, financial education, and other solutions can be useful to ESG-oriented investors as well as faith-based ones.
In our extended conversation, Jumaniyazov helps us understand the size and scope of Islamic and Shariah-compliant finance, the unique needs of the customers in this growing market, and how enabling technologies are bringing innovation to Islamic financial services in areas such as banking to wealth management.
How big is the market for Shariah-compliant financial solutions? How has this market grown in the West in particular? Are there countries in the West where the demand for Shariah-compliant financial solutions is especially strong?
Dilshod Jumaniyazov: The market for Shariah-compliant financial solutions is not just big—it’s growing fast. In 2022, the global Islamic finance industry expanded by 11%, reaching $4.5 trillion in assets, and it is expected to grow to $6.7 trillion by 2027, according to the ICD-LSEG Islamic Finance Development Report 2023.
In the West, Islamic finance has gained significant traction, particularly since the 2008 financial crisis, when it emerged as a more stable and ethical alternative. In the U.K., Islamic banks have doubled their assets over the past decade, reflecting a growing demand for Islamic finance. Sukuk issuances have also increased across Europe, with countries like Luxembourg and Germany leading the charge. The broader trend of sustainable and values-based investing has played a crucial role in driving this growth.
Certain Western countries stand out for their strong demand. According to Global Finance Magazine, the U.K. is a clear leader, serving as a global hub with five Islamic banks and more than 20 conventional banks offering Shariah-compliant products. Luxembourg, the first Eurozone country to issue a sovereign sukuk, hosts a wide range of Shariah-compliant funds. Germany has made significant strides by issuing sukuks and licensing its first Islamic bank, highlighting its growing interest in the sector. Meanwhile, France, with Europe’s largest Muslim population, holds enormous untapped potential despite its relatively underdeveloped Islamic finance market.
This combination of ethical investing and increasing demand in key regions has positioned the West as an emerging force in Shariah-compliant finance.
What are we talking about when we talk about Shariah-compliant finance? How is it different from financing in the West?
Jumaniyazov: Shariah-compliant finance is rooted in Islamic principles that emphasize fairness, transparency, and social responsibility. It prohibits earning or charging interest (riba), excessive speculation (gharar), and investments in harmful industries such as gambling, alcohol, and weapons. Instead, it focuses on ethical investing, risk-sharing, and linking all financial transactions to real economic activities. For example, rather than relying on traditional interest-based loans, Shariah-compliant finance uses models like mudarabah (profit-sharing) and musharakah (joint ventures), where risks and rewards are shared among all parties. This approach ensures that financial activities create tangible value and benefit society.
What sets Shariah-compliant finance apart from Western finance is its deeply embedded ethical framework. While Western finance often revolves around interest-bearing loans and speculative investments, Shariah-compliant finance requires every transaction to align with moral principles and economic justice. It’s not just about profit — it’s about creating shared prosperity and avoiding harm. This focus on equity, accountability, and real-world impact makes Shariah-compliant finance a compelling alternative, especially for those seeking a more values-driven approach to managing wealth.
How has digital transformation impacted the market for Shariah-compliant finance. Has technology made it easier to innovate and create new solutions for the community?
Jumaniyazov: Digital transformation has completely reshaped the landscape of Shariah-compliant finance, making it more accessible and innovative than ever before. With the rise of digital banking and mobile payment platforms tailored to the needs of Muslim consumers, financial services are now reaching communities that were previously underserved. This has opened up opportunities for growth and inclusion on a global scale.
Technology has also sparked exciting developments like digital sukuks and blockchain-based smart contracts, which align perfectly with Islamic principles. These innovations have not only made processes more efficient, but have also introduced entirely new ways to approach halal and ethical finance. By breaking down barriers and reducing costs, digital transformation has turned Shariah-compliant finance into a dynamic, forward-thinking sector that’s more relevant than ever in today’s world.
Is there a role for AI in Shariah-compliant finance?
Jumaniyazov: AI is revolutionizing Islamic finance by making it more efficient, innovative, and accessible while staying true to its ethical principles. One of its most significant contributions is in screening stocks and ETFs for Shariah compliance. AI can analyze large datasets to assess whether investments meet Islamic criteria, streamlining a process that would otherwise be time-intensive and complex. This ensures that investors can confidently align their portfolios with their faith.
AI is also transforming Islamic financial products, such as sukuk. By enabling smart contracts, it has improved the transparency, efficiency, and trustworthiness of sukuk issuances. With applications like blockchain integration and advanced analytics, AI is not just addressing operational challenges but also opening doors for innovation, making Islamic finance more dynamic and globally relevant while adhering to Shariah principles.
You are CEO of Musaffa, a company that has developed Shariah-compliant solutions. Can you tell us a little about Musaffa and how you came to co-found the company?
Jumaniyazov: Of course. The journey to founding Musaffa began with a deeply personal challenge. Over my 16 years of investing, I often faced a dilemma — questioning whether my investments aligned with my faith and values as a Muslim. Every time I ventured into the stock market, I carried the weight of uncertainty, wondering if I was compromising my principles. As I shared my experiences with friends and colleagues, I realized this was not just my struggle — it was a challenge faced by millions of Muslims worldwide in a financial landscape that offered little guidance or transparency for faith-aligned investing.
This realization sparked a vision over a decade ago: to create a platform that would empower Muslims globally to invest ethically and confidently while staying true to their faith. However, I quickly recognized that making this vision a reality required more than just ambition. It demanded deeper knowledge, broader experience, and substantial capital.
Determined to bridge these gaps, I pursued an MBA at the University of Illinois at Urbana-Champaign and earned my CFA designation to strengthen my expertise in finance. I gained invaluable experience working with the technology team at Wells Fargo Securities, where I contributed to launching several trading platforms. Alongside this, I saved diligently, setting aside funds from my paychecks and 401(k) savings over the years. By late 2020, with $250,000 of my own savings, I was ready to bring Musaffa to life.
Musaffa is more than just a platform — it’s a solution to a deeply felt problem. At its core, Musaffa provides access to over 90,000 stocks and 9,000 ETFs globally, all meticulously analyzed for Shariah compliance. The platform enables users to seamlessly buy and sell halal stocks through an integrated network of brokerages.
Education is another cornerstone of our mission. Through Musaffa Academy, we offer tailored courses in financial literacy and Islamic finance, equipping our users with the knowledge to make informed decisions. These tools are designed not just to help Muslims invest, but also to empower them to understand and take control of their financial journeys.
As a result, Musaffa has grown to serve over 482,000 users across 195 countries. Our users trust us to provide peace of mind and a way to align their investments with their faith. With features like advanced Shariah compliance screening, integrated trading options, and a robust educational platform, Musaffa has become a trusted partner for Muslim investors worldwide.
Looking ahead, we are excited to expand our offerings by launching proprietary Shariah-compliant ETFs and further integrating into global markets. Our goal is to make halal investing even more accessible and to continue simplifying access to the $30 trillion Shariah-compliant market.
What sets Musaffa apart are not just the tools we provide but our unwavering commitment to solving real challenges. We’re not just offering a platform; we’re creating a global financial ecosystem rooted in faith, trust, and ethics.
Today, I am incredibly proud of how far Musaffa has come. It stands as a testament to years of dedication, the belief that financial success should never come at the expense of one’s values, and a vision that’s empowering Muslims around the world to invest with confidence and purpose.
Who are Musaffa’s primary customers and how do you reach them?
Jumaniyazov: Musaffa’s primary customers are individual investors worldwide who seek to invest in alignment with their values, as well as both Islamic and traditional financial institutions. We engage with them through a strategic mix of targeted digital campaigns, partnerships with Islamic organizations, and our robust education platform, Musaffa Academy, which drives the majority of our traffic. Additionally, we leverage the Musaffa Ambassador Program, which empowers passionate individuals to represent our brand and bring more users to the platform. Word-of-mouth referrals also play a pivotal role in building trust and expanding our reach within this values-driven audience. Together, these channels foster a strong and authentic connection with our customers.
You recently launched a Purification Calculator? Can you tell us about this solution: why you launched it, what it does, and how the reception of it has been so far?
Jumaniyazov: The Purification Calculator is an indispensable tool designed to ensure that Muslim investors can maintain Shariah compliance in their investments. Purification is a mandatory condition for any investment to be considered Shariah-compliant, as it involves cleansing portfolios of any unintended non-compliant income. The calculator simplifies this process by determining the exact amount that should be donated to charity, enabling investors to align their earnings with Islamic principles.
We launched this solution to address a critical concern for Muslim investors and to simplify a process that many found complex or uncertain. The feedback has been overwhelmingly positive, as the tool empowers users to invest with confidence, knowing their financial activities align with both their faith and values.
What are some of the most interesting things going on in Islamic finance right now to you personally?
Jumaniyazov: For me, one of the most exciting developments in Islamic finance is the growing focus on halal investment research. With more Muslims wanting to align their financial decisions with their faith, the demand for tools and analyses to identify Shariah-compliant opportunities is stronger than ever. This isn’t just about screening stocks; it’s about providing in-depth research and actionable insights that help investors make confident, informed decisions in a complex market.
Another area I find fascinating is how digital platforms are transforming access to halal investments. From sukuk to Shariah-compliant ETFs and stocks, technology is making it easier for people to find and invest in Shariah-compliant and ethical assets. This combination of research and innovation is bridging a critical gap for Muslim investors, helping them grow their wealth while staying true to their values; it’s an exciting time to see how the industry is evolving to meet both faith-driven and financial needs.
What can we expect to hear from Musaffa in 2025?
Jumaniyazov: In 2025, at Musaffa, we plan to launch a comprehensive Islamic finance education platform, introduce our proprietary Shariah-compliant trading platform, and begin offering exclusive Shariah-compliant ETFs following SEC licensing approval. Our goal is to solidify our position as the premier global platform for halal investments while significantly expanding our user base.
Here is our look at fintech innovation around the world.
Central and Southern Asia
Mashreq Pakistan secured a license from the State Bank of Pakistan to initiate digital banking pilot operations.
Serbian IT company Saga teamed up with Salt Edge to help banks in Serbia take advantage of opportunities in open banking.
German fintech Cleversoft announced its intention to acquire Turkish financial messaging and AML compliance solutions provider Fineksus.
Middle East and Northern Africa
Qatar-based Doha Bank to go live with Visa Commercial Pay, the first bank in the market to do so.
Iraqi fintech company Qi Card launched its app SuperQi, which serves as both a lifestyle super app and a digital bank.
Italian software company TeamSystem acquired Israeli fintech Morning for $150 million.
Interested in demoing at FinovateEurope 2025 in London? Applications are still being accepted from innovative companies with new solutions that are ready to show. Visit our FinovateEurope hub today to learn more.
U.K.-based insurtech Uinsure has forged a partnership with Suffolk Building Society.
The collaboration will make Uinsure’s insurance solutions for homeowners, landlords, and others available to Suffolk Building Society customers whether they seek insurance via the branch or online.
Founded in 2007, Uinsure is headquartered in Manchester, U.K. Simon Taylor is CEO.
The latest partnership announcement from Manchester-based insurtech, Uinsure, underscores the strengthening position the firm has in the U.K. financial services market in general and the country’s insurance industry in particular. Uinsure has teamed up with Suffolk Building Society, which will make the insurtech’s insurance solutions available to Suffolk Building Society’s customer base both in-branch and online.
“As a mutual society, the ‘bricks and clicks’ model is at the heart of what we do,” Suffolk Building Society Head of Membership Nathan Wade explained. “This offering from Uinsure means staff from across our branches can continue to give excellent face-to-face customer service to those who value it most. But others can easily access the insurance through our website, along with our other online services.”
Over the past year, Uinsure has teamed up with building societies including Leeds Building Society, Nottingham Building Society, Leek Building Society, and more. The insurtech also onboarded more than 230 financial intermediary partner firms in 2024, all of whom will offer insurance products to their customers by way of UinsureCX technology. Uinsure noted that it plans to announce a number of new major partners in the first quarter of 2025.
According to IBIS World, building societies in the U.K. are expected to see their revenue grow at a compound rate in excess of 22% over the five years through 2024-2025 to more than $60 billion (£49 billion). This includes estimated growth of 6.5% in 2024-2025. The largest player in the business by far is Nationwide Building Society (£272 billion in total assets), followed by Yorkshire Building Society (£74.23 billion in total assets) and Coventry Building Society (£61.73 billion in total assets). In addition to being the largest building society in the U.K., Nationwide Building Society is also the third largest mortgage lender in the country, according to Statista, with 12% of the U.K.’s gross mortgage lending. For its part, Suffolk Building Society has £799 million in total assets and is ranked 21st among U.K. building societies.
“2024 has been a transformational year for us and this partnership with Suffolk Building Society is another major step as we change perceptions of how insurance can be offered and arranged across the country,” Uinsure Chief Distribution Officer Lauren Bagley said. “We’ve seen remarkable growth that has largely been driven by our expanded partner network. Our collective commitment to customer experience is at the heart of these collaborations and is a major reason why we’ve been able to make a success of the partnerships we’ve launched this year.”
Founded in 2007, Uinsure offers home insurance, buy-to-let (BTL)/ landlords insurance, and non-standard and specialist insurance solutions. The company’s technology helps advisers remove the complexity and time-consuming aspects of accessing insurance products, leveraging Big Data and third-party integrations to, for example, pre-fill account information. To this end, Uinsure’s technology only requires an applicant’s name, date of birth, and postcode in order to provide personalized quotes in 20 seconds. Simon Taylor is Uinsure’s CEO.
How are banks managing the challenges of digital transformation? What do financial institutions need to do in order to ensure that new digital initiatives are aligned with customer preferences and needs?
In this Streamly interview, Finovate Senior Research Analyst Julie Muhn sits down with Milton Santiago, Global Head of Digital Solutions at Silicon Valley Bank. The two discuss the bank’s current digital transformation and the role of enabling technologies like AI in enhancing the customer experience, among other topics.
“What excites me the most about what’s going on in our bank is the fact that we continue to invest, we continue to focus really on what our customers need to grow their businesses and to be successful at a variety of life stages: be it at small inception where maybe it’s just you and me as a startup to where we have gone through multiple rounds of funding, or we’re a large company that is also publicly traded. Our needs are being met by the same financial organization, regardless of our size.”
Silicon Valley Bank (SVB) serves many of the most innovative companies and investors in the world. A division of First Citizens Bank, SVB provides commercial and private banking services to individuals and companies in industries ranging from technology and healthcare to private equity and venture capital. With 70% of the 2024 Forbes Cloud 100 among its customers, SVB is headquartered in Santa Clara, California.
Milton Santiago has worked for Silicon Valley Bank for more than six years and is currently Global Head of Digital Services. In this role, he is responsible for creating end-to-end omni-channel and API experiences and solutions for startup (Pre-Series A) and mature companies, alike. Santiago is also a veteran industry speaker on topics including security and fraud, mobile and emerging payments, big data, and innovation.
2025 is here! Whether you’ve kept an eye on the fintech headlines over the holiday break or took a little time off from the fray, Finovate’s Fintech Rundown is here to bring you up to date on the latest happenings and developments in fintech and financial services.
We starting off with a handful of stories from the crypto/DeFi sector including a pair of regulatory approvals, as well as some partnership news in the fraud prevention and digital banking space.
Crypto / DeFi
Blockchain and cryptocurrency infrastructure provider Binancewins regulatory approval from the Central Bank of Brazil to acquire a locally licensed broker-dealer in Latin America.
Crypto payments company MoonPaysecures approval under the Markets in Crypto-Assets (MiCA) regulation and received its license on December 30.
Digital banking solutions provider Infinant has raised $15 million in Series A funding. The round was led by FINTOP Capital and JAM FINTOP BankTech, and featured participation from Raido Capital Partners, Woodforest Financial Group, and Bankers Helping Bankers.
“Financial institutions are realizing significant and responsible growth by diversifying their deposit gathering and payment channels by decoupling from the core and distributing their products across new platforms,” Infinant CEO Riaz Syed said. “FINTOP’s and JAM FINTOP’s partnership is a strong market indicator of the solution fit for Infinant in the market and will allow us to continue to grow to meet the needs of financial institutions.”
Infinant offers Interlace: a cloud-based platform that empowers banks to launch and scale their digital and embedded banking solutions. Interlace gives banks and other financial institutions greater operational and regulatory control with a platform — owned by the bank — that allows them to launch their solutions independent of the core provider or a sidecar core. Infinant supports initiatives including launching digital banks in new markets, embedding financial products and services into business applications, delivering new solutions to small businesses and commercial partners through sub-accounting, and more.
John Philpott, FINTOP partner and member of JAM FINTOP Banktech’s investment committee, credited Infinant’s embrace of what he called “a dramatic shift in the market and the approach to embedded banking and banking-as-a-service.” Noting that this new growth opportunity comes with greater oversight requirements for banks, Philpott praised the company for “meeting this need to provide banks with a platform that allows them to scale their programs while aligning to the evolving regulatory landscape.”
Infinant will use the capital to expand its product offering which currently includes Infinant’s Interlace Console for customer and account management, Settlement Ops for ledger and reconciliation management, Payments Hub for centralized payments for ACH, wire, and FedNow, as well as the company’s Card Platform that provides card issuance and processing directly to Visa DPS.
Headquartered in Charlotte, North Carolina, and founded in 2020, Infinant came to the attention of Finovate audiences courtesy of FinovateFall 2024. Since then, the company has forged partnerships with Missouri-based First Bank of the Lake and, most recently, with North Texas-based Legend Bank. Both financial institutions will deploy Infinant’s Interlace platform to enhance their growth strategies.
“Infinant’s deep experience in banking technology and their advanced platform tailored to bankers were key factors in our decision to select them as our partner,” Legend Bank Fintech Strategic Partnerships Lead John Michael Davis said. “The Interlace platform is flexible and adaptive to a wide variety of business models, yet also minimizes the technical burden upon us as a bank.”
Seven Finovate alums raised more than $132 million in the fourth quarter of 2024, and more than $553 million for the full year. The figures trail those from 2023, in which 11 alums raised more than $307 million in Q4 and approximately $1.2 billion for the year. This data also reflects the ongoing funding challenges faced by fintech companies at a time of high interest rates and industry consolidation.
Looking specifically at the fourth quarter of this year, we see a wide range in funding levels, from Wallit’s modest $1.4 million raise to Zopa’s year-ending $87 million score. It is also worth noting that the amount of one investment, the October funding for CardFlight, the level was not disclosed.
Previous Quarterly Comparisons
Q4 2023: More than $1.2 billion raised by 11 alums
Q4 2022: More than $380 million raised by 15 alums
Q4 2021: More than $1.2 billion raised by seven alums
Q4 2020: More than $472 million raised by 17 alums
Q4 2019: More than $876 million raised by 21 alums
This year’s fourth quarter funding tally is the lowest Q4 in many years, representing less than half of what was raised in 2022. Q4 2024 did see a pickup in funding relative to the previous quarter, both in terms of investment total and the number of alums funded, and is slightly higher than the amount Finovate alums raised in the first quarter of the year (nine alums raising more than $113 million).
Top Quarterly Equity Investments
The top three quarterly equity investments for the quarter were Zopa’s $87 million funding in December, interface.ai’s $20 million fundraising in October, and MODIFI’s $15 million fundraising in November. These three investments combined represent more than 92% of the total funding raised by all alums in Q4 2024.
Here is our detailed alum funding report for Q4 2024.
October: More than $22 million raised by three alums
If you are a Finovate alum that raised money in the fourth quarter of 2024, and do not see your company listed, please drop us a note at [email protected]. We would love to share the good news! Funding received prior to becoming an alum not included.
